The Reality of Third Party Management in New, Emerging Markets: Industry Experts Discuss the Unwritten Lessons on How to Get It Right
What is it about?
This practical session will feature various complex third party risk management scenarios that will illustrate how to tailor your due diligence to local circumstances, and foster cooperation and compliance from business partners.
- Who qualifies as a “government official” in countries where large numbers of people are identified as members of a royal family or affiliated with a ruling tribe
- What are the best ways to manage and use agents in countries that legally require them
- How to avoid “getting stuck” with a single or limited number of agents when entering a new market
- How often should you exercise third-party audit rights and how extensive do these audits need to be to satisfy regulators?
- In negotiations, what to do when the vendor or agent demands a success fee?
- Choosing the right auditing tool to eliminate third party risks: Pros and cons of building an in-house program vs. outsourcing the audit function
- When to revisit and possibly terminate the relationship: Concrete examples of tough decision-making